Croatia to sell minority stakes in 38 firms

The stakes up for sale range from 0.001% in Osijek-based daily Glas Slavonije to 38.47% in an airport operator on the island of Brac, and have a combined value of tens of millions of kuna, CERP says in several notices published on its website on Monday.

Potential investors have until November 28 to express their interest, after which CERP will launch public bidding procedures.

Earlier this year, the European Bank for Reconstruction and Development (EBRD) invited expressions of interest from consultants to support CERP in improving the governance of state-owned enterprises.

According to European Commission estimates, employment in state-owned enterprises represents 12% of overall employment, while they generate 18% of the total turnover and account for 30% of total assets in Croatia.